Making Your Real Estate Dreams a Reality

Start by assessing your budget, getting pre-approved for a mortgage, and working with a trusted agent to find properties that match your needs. Try to enjoy the process instead of being overwhelmed by it!

The minimum down payment isn't a single flat percentage; it scales based on the purchase price of the home. $500,000 or less, 5% of the purchase price. $500,001 to $999,999, 5% on the first $500k + 10% on the remaining balance. $1,000,000 or more, 20% of the total purchase price. A $400,000 condo, for instance, would be a $20,000 down payment.

The home selling process is a multi-stage journey that begins with preparing the property through repairs, decluttering, and professional staging to maximize its market appeal. Once ready, the home is priced strategically and listed on the market, supported by high-quality photography and digital marketing to attract potential buyers. After hosting showings and open houses, the seller evaluates incoming offers, negotiating terms like price, closing dates, and contingencies. Once an agreement is signed, the home enters the closing phase, where inspections, appraisals, and legal title transfers are completed before the keys are officially handed over and the sale proceeds are disbursed.

While it is legally possible to sell a home on your own, partnering with a real estate agent is often a strategic investment to maximize your financial return and minimize legal risk. A professional agent provides market-specific pricing expertise, high-end marketing reach, and a buffer for the complex, often emotional negotiations with buyers and their representatives. Beyond just finding a buyer, an agent manages the mountain of Ontario-specific legal paperwork, ensures compliance with the Trust in Real Estate Services Act (TRESA), and coordinates the various third parties—inspectors, appraisers, and lawyers—required to bring a deal to a successful close.

When selling a home in Ontario, you should expect costs to range between 5% and 9% of the final sale price, with the largest portion typically being real estate commissions (usually 4% to 5% plus HST). Beyond commissions, you must budget for legal fees and disbursements, which generally run between $1,500 and $2,500, and the mortgage discharge fee if you are paying off your loan early. Additionally, preparing the home for a "world-class" listing involves upfront investments in professional staging, minor repairs, and deep cleaning to ensure the property competes effectively in the local market. Finally, remember that while the buyer typically pays the Land Transfer Tax, you are responsible for ensuring all property taxes and utility bills are pro-rated and settled up to the day of closing.